Personal Financial Planning

Using trusts to shift income to children

Use of a Sec. 2503(c) or minor’s trust allows for transfers of property (and income shifting) to children, while parents maintain control of the property at least until the child reaches age 21.

Spotlight on life settlement transactions: Getting the best value

The sale of life insurance policies, commonly referred to as life settlement transactions, is becoming an increasingly popular and heavily marketed way for policy owners to realize the value in their life insurance policies. This article discusses the financial and tax ramifications of life settlement transactions and how CPAs can help clients obtain the best results from them.

De-mystifying geriatric care managers

CPA financial planners can use these approaches to help clients avoid delays and expensive mistakes in providing top-quality care for loved ones dealing with issues from aging or dementia.

Educating students for expanded financial planning careers

The AICPA is integrating personal financial planning into university-level curriculum in a manner that would help prepare prospective CPA candidates to qualify for the Personal Financial Specialist credential shortly after obtaining their CPA license.

Managing tax brackets in retirement

A tax adviser can help a client smooth out the high-income-tax peaks and the corresponding lower-tax-bracket years with an effective bracket-management strategy.

Budgeting for realized gains

Disciplined planning for realizing gains lessens the potential for unanticipated taxes or ugly year-end surprises.

Newsletter Articles

TECHNOLOGY

2018 tax software survey

Among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. To get through the rigors of tax season, they depend on their tax preparation software. Here’s how they rate the leading professional products.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.